Cardium Therapeutics Gets $5M Boost From Stock Sale

Tuesday, February 21, 2012

Cardium Therapeutics Inc. said Feb. 16 that it raised $5 million in gross proceeds through a direct sale of nearly 18 million shares of its common stock. The San Diego-based medical technology company said it would use the funds for general working capital.

Three institutional and accredited investors participated in the offering, paying 28 cents per share with no warrant coverage, the company said. New York-based investment banking firm Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the offering.

Cardium Therapeutics acquires and develops biomedical products and businesses that have the potential to address significant unmet medical needs.